Top 75 Family Business Leaders 2019: Americas

CampdenFB has featured many of the leading lights in the family business and family office space over its 75 issues. Here we take a look at some of the icons in the world of business families plus the up-and-comers taking the community into the 21st century

CampdenFB has featured many of the leading lights in the family business and family office space over its 75 issues. Here we take a look at some of the icons in the world of business families plus the up-and-comers taking the community into the 21st century.

Visit CampdenFB.com throughout October as we reveal the Top 75 Leading Lights of the world’s ultra-high net worth multigenerational family business community in the Americas, Asia-Pacific, Europe and Emerging Markets.

Over the past 75 issues, CampdenFB has had the pleasure of featuring literally hundreds of fascinating family businesses that we have scoured the globe to uncover. So to mark our 75th edition we decided it would be a great opportunity to reflect on our wide cast of characters. The list is not supposed to be exhaustive, and in fact we had to make a couple of very hard decisions on who to include however, it is supposed to reflect a varied mix of the established icons of family business right through to some lesser-known rising stars. Welcome to our ’75 for 75’.

BRENDAN BECHTEL

• Chairman and chief executive

• Bechtel Group

• United States

Bechtel has led his family’s engineering and construction company after succeeding his father, Riley, in 2016. He was first appointed chief executive and a year later was unanimously elected as chairman of Bechtel Group. The fifth-generation leader now commands one of the biggest privately held companies in the US, with $25.9 billion in revenue in 2017. It has fallen on him to steer the company through challenges like a collapse in commodity prices, and new competition from Chinese contractors.

GARVIN BROWN IV

•Chairman

•Brown-Forman

• United States

Since becoming chairman of his family’s spirits company in 2007, fifth-generation Brown has worked hard to create a ‘family engagement’ committee designed to keep the fifth generation—at least 25 family members, who do not work at the company but share a fortune estimated at $12.3 billion—connected to the decisions that executives are making. Under his leadership, Brown-Forman, owner of Jack Daniel’s and Finlandia vodka has expanded, with net sales growth of 8% in 2018 financial year.

WARREN BUFFETT

• Chairman and chief executive

• Berkshire Hathaway

• United States

Self-made Buffett is one of the most successful investors of all time, and a prolific philanthropist. He runs Berkshire Hathaway, which owns more than 60 companies and generated $247.5 billion in revenue in 2018, including battery maker Duracell, and food manufacturer Kraft Heinz. The son of a US congressman, he has promised to give away over 99% of his fortune to philanthropic causes. His eldest son, Howard, is a board member of Berkshire Hathaway which has a preference for investing in family-owned business.

JAMES COX KENNEDY

• Chairman

• Cox Enterprises

• United States

Third-generation Kennedy became chair and chief executive of the automotive and media group founded by his grandfather James Cox, in 1988. Prior to taking over, he held junior positions in the company’s Atlanta newspaper. Since succeeding as chief executive, he is credited with building the Cox empire into a huge media business with revenues rising from $1.8 billion to $21.4 billion. In 2018, Kennedy’s nephew, Alexander Taylor, succeeded him as chief executive of Cox Enterprises, while Kennedy remains as chairman.

PAUL DESMARAIS JR

• Chairman and co-chief executive

• Power Corporation of Canada

• Canada

Since 1981, second-generation Desmarais has occupied several senior positions at the Power Corporation of Canada—a company built by his father, Paul Desmarais Sr. He first entered as vice-president, moving up to president and chief operating officer, and eventually executive co-chairman, with his brother André, in 2008. He led the creation of Power Financial to consolidate Power Corporation’s major financial holdings. Since 2016, Desmarais and André have been preparing their sons, third-generation Paul Desmarais III and Olivier Desmarais to succeed them.

LAURA REA DICKEY

• Chief executive

• Dickey’s Barbecue Pit

• United States

Rea Dickey is the granddaughter-in-law of Travis Dickey, who founded Dickey’s Barbecue Pit in Texas in 1941. Rea Dickey joined the 550-restaurant business as chief information officer after 15 years working in marketing and technology. When her husband Ronald Dickey Jr was elevated to the family’s holding company, she became chief executive and has overseen departments, whilst continuing to roll out Dickey’s big data initiative Smoke Stack, alongside a new smartphone app and an Alexa interface for the kitchen.

BILL FORD

• Executive chairman

• Ford Motor Company

• United States

As the great-grandson of company founder Henry Ford, Ford joined the board in 1988 and has served as chairman since 1999. Under his tenure, the company has returned to profitability after coming to the brink of bankruptcy after the financial crisis in 2008, posting revenues of $156.8 billion in 2017. As the second-largest US auto maker, Ford Motor Company has made technology progress towards improving fuel efficiency by introducing a number of hybrid electric models and alternative fuel vehicles.

ANDRÉ BIER GERDAU JOHANNPETER

• Executive vice chairman

• Gerdau Group

• Brazil

The former Olympic equestrian and fourth-generation head, leads one of the largest steel producers in the world. It has 337 operations in 14 countries across the Americas, and 45,000 employees. After working his way up in the family business over 27 years, he served as chief operating officer from 2004 to 2006 before becoming president and chief executive in 2007. Last year, Johannpeter was succeeded as chief executive by non-family member Gustavo Werneck and Gerdau Group posted a revenue of $11.6 billion.

CHARLES AND DAVID KOCH

• Chairman and chief executive / director emeritus

• Koch Industries

• United States

The second-generation Koch brothers control the second-largest privately held company in the US, with 2017 revenues of $110 billion. They took over from their father and founder Fred Koch, a chemical engineer who developed an innovative crude oil refining process, after his death in 1967. Charles became president, while the late David became technical-services manager. Under Charles’ leadership, the firm rapidly expanded from a regional player into a sprawling multinational empire that operates oil pipelines and produces everything from fertilisers to packaging.

JANE LAUDER

• Global president and general manager

• Estee Lauder Companies

• United States

Lauder is the granddaughter of cosmetics giant co-founders, Estée Lauder and Joseph Lauder. She now runs the company’s speciality brand Clinique, a department store-staple skin-care line. The third-generation heiress joined the family business in 1996, a year after graduating from Stanford University, managing the company’s all-natural makeup brand, Origin. In 2013, she was promoted to global president and general manager of Clinique. Estee Lauder now has over 20 brands, including Aveda, M.A.C, and Bobbi Brown, and annual revenues of $11.82 billion.

BILL MARRIOTT

• Executive chairman and chairman of the board

• Marriott International

• United States

For more than 40 years as chief executive of his family’s hotel chain, Marriott practiced his famous hands-on style he dubbed “management by walking around”. He ceded the position of chief executive in 2012 to non-family executive Arne Sorenson, but remains as an active chairman, visiting more than 200 hotels a year. Marriott International now has over 6,500 hotel properties globally, boasting revenues of $22.90 billion (2017). His youngest son, David, is chief operations officer of hotels in the eastern US.

STEPHEN M. BADGER

• Chairman

• Mars Incorporated

• United States

Third-generation Badger is the son of Jacqueline Mars, heiress to the $35 billion confectionary giant Mars Inc. The 106-year-old company are the makers of sweets brands Snickers, Mars Bars, Milky Way Bars, Twix, M&M’s, and pet care products. Badger has served on the board of directors since 2008, and assumed the role of chairman in 2011. He expanded the business to include certified organic pre-packaged soups, sauces, and other foods for sale in the US and the UK.

LORENZO ALEJANDRO MENDOZA GIMÉNEZ

• Chief executive

• Empresas Polar

• Venezuela

Mendoza runs his family’s food producing company and Venezuela’s largest privately held company, with $7 billion in annual sales. Founded by his grandfather as a beer company in 1941, third-generation Mendoza has diversified the company into an array of industries, mostly related to food processing and packaging. He has acquired companies, and now produces snacks, soft drinks, including Pepsi-Cola and Diet Pepsi, and sauces. The company also set up a joint venture with the cognac manufacturer Martell to produce wines locally.

DIANA NELSON

• Chairman

• Carlson Group

• United States

Third-generation Nelson became chairman of her family’s global hospitality and travel company in 2013, succeeding her mother, Barbara. Since taking over, she has overhauled the company, selling its entire property portfolio, including Radisson and Park Plaza hotel chains, and its restaurant business, TGI Fridays. She used the capital from the sales to create a new portfolio for Carlson, based on its global business and travel management company, Carlson Wagonlit Travel, which posted a total transaction volume of $25 billion in 2017.

HORST PAULMANN

• Chief executive and chairman

• Cencosud

• Chile

Paulmann is the founder of Cencosud, the largest retail chain in Chile and third-largest in Latin America, with a revenue of $15.4 billion in 2017. After the death of his father, Paulmann took his family’s local restaurant, Las Brisas, and transformed it into a supermarket. Since then, he has built an empire of 1,000 supermarkets and dozens of shopping centres, including Costanera Center in Chile, South America’s largest mall. All three of his children are directors on Cencosud’s board.

EDWARD ROGERS

• Chairman

• Rogers Communications

• Canada

Rogers heads the largest mass communication and media company in Canada, which posted $10.5 billion in revenue in 2017. Building on the legacy of his grandfather, who invented the first alternative current radio tube and founded the company, Roger’s focus has been on innovation since assuming leadership in 2008. The family business has since created an extensive portfolio of television, wireless internet, and telephone services through its three business units—Rogers Wireless, Rogers Cable and Telecom, and Rogers Media.

LINO SAPUTO JR

• President and chief executive

• Saputo

• Canada

Family-owned Saputo, is one of the top 10 dairy processors in the world, which operates from 62 plants across 40 countries. Third-generation Lino Jr has served as president and chief executive since succeeding his father, Lino, in 2004. Saputo has since taken his family’s company international through acquisitions, including buying US dairy products maker Morningstar Foods, Australia’s Warrnambool Cheese and Butter Factory Company, and UK cheese and butter maker Dairy Crest, to post revenues of $8.7 billion in 2018.

DANIEL SERVITJE MONTULL

• Chairman and chief executive

• Grupo Bimbo

• Mexico

As chief executive, Servitje lifted his family’s business onto the international stage by acquiring baking business Sara Lee, and the US operations of George Weston Foods. It is now one of the largest food companies in the world, with net sales of $14.1 billion in 2017. Servitje has prioritised keeping Bimbo products within a low-income family’s budget and has focused on making the company greener, with a deal to buy wind-power credits to offset the energy used in its US operations.

JULIE SMOLYANSKY

• Chief executive

• Lifeway Foods

• United States

Third-generation Smolyansky became the youngest female chief executive of a publicly traded firm at the age of 27 when she took over from her father, who died of a heart attack, in 2002. A psychology graduate from the University of Illinois, she, together with her brother Edward as chief financial officer, has transformed her father’s American health food company into a multinational firm, expanding distribution worldwide and growing the company’s revenue from $12 million to over $120 million in 2017.

ARTHUR GREGG SULZBERGER

• Publisher and journalist

• The New York Times

• United States

After he succeeded his father, Arthur Orchs Jr, Sulzberger became the fifth generation of the Sulzberger family to lead the $1.56 billion revenue-making media group. Since joining the firm, Sulzberger has been one of the architects of the Times’ digital transformation and was the principal author of the 2014 Innovation Report, which focused on growing and engaging the family-owned media company’s digital audience. He was named as one of CampdenFB’s Top 50 Family Business Leaders 2017.

CHRISTINE TAYLOR

• President and chief operating officer

• Enterprise Holdings

• United States

Taylor is the granddaughter of Enterprise Holdings founder, Jack Taylor, which now owns and operates the Enterprise Rent-A-Car, Alamo Rent A Car, and National Car Rental brands. The third-generation family member was promoted to president and chief operating officer last year, making her among the highest-ranked women in the global car rental, automotive, and travel industries. She was previously the company’s executive vice president and chief operating officer from 2016. Today, the company has annual revenues of $24.1 billion.

ROB WALTON

• Former chairman

• Walmart

• United States

The eldest son of founder Sam Walton first took over as chairman at Walmart two days after his father’s death in 1992. During his tenure, the hypermarket chain has grown into the most powerful retailer in the US and has expanded globally. Walton retired in 2015 and was succeeded by his son-in-law, Greg Penner. The multinational retailer has further grown its reach, and now has 11,384 stores and clubs in 27 countries, posting revenues of $514.4 billion in 2019.

COLLEEN WEGMAN

• President and chief executive

• Wegmans Food Markets

• United States

Fourth-generation Wegman was named president and chief executive in 2017 after taking over from her father, Danny, who remains chairman of the grocery store chain. She worked her way up through the ranks from her late teens, becoming president in 2005. Today Wegman, along with her sister Nicole, oversees 47,000 staff at the $8.3 billion-a-year chain, which operates 97 stores around the US. Last year, she received a 95% chief executive approval rating from employees, according to recruitment website Glassdoor.

GALEN G. WESTON

• Chief executive, chairman, and president

• George Weston / Loblaw Companies

• Canada

Weston is the fourth-generation leader of the largest food processing and distribution company in Canada. Weston succeeded his father, Galen Weston, in 2017, after holding positions within the company for eight years. Founded by his great-grandfather, the company today consists of subsidiary Weston Foods, and Loblaw Companies, Canada’s largest supermarket retailer, bringing in revenues of $37.6 billion in 2018. Weston has focused on promoting a new environmentally friendly image for Loblaws.

ROGELIO ZAMBRANO LOZANO

• Chairman

• Cemex

• Mexico

Third-generation Zambrano became chairman of multinational building materials firm Cemex, after the sudden death of his cousin Lorenzo Zambrano. While his cousin was credited with turning the company from a Mexican cement producer into an empire spanning four continents, Zambrano Lozano has sold off the company’s assets in Australia to help refinance a $14 billion debt that came about after an earlier acquisition. Since sell-off, the company reported record 2016 earnings of $750 million.

About the Authors

James Beech is the multimedia Editor of CampdenFB, with 21 years of international experience in daily newspapers, B2B and consumer magazines, online, social media, photographic and video journalism, in addition to editorial management, marketing, public relations and client relations, in the United Kingdom, Australia and New Zealand. He graduated from Bournemouth University in 1999.

Susan Lingeswaran joined CampdenFB as Senior Writer in 2018. She has a degree in journalism from Australia and previously worked at Haymarket Media Group as a sports writer for the consumer magazine Forever Sports and as a news reporter for the trade magazine Supply Management.

Nicholas Moody joined CampdenFB in 2013, he was formerly editor of Private Banker International. ﻿﻿He previously worked as a financial journalist for VRL Financial News and as a news journalist in New Zealand with Fairfax Mediaand Herald on Sunday.